National Womans Rights Conventions 1850 - 1869

How to Create a WordPress Quiz for Free

Need to make a WordPress test for your perusers? Tests can assist you with doing everything from getting some of BuzzFeeds viral enchantment to becoming familiar with the socioeconomics of your perusers. So whether you use them for the sake of entertainment or business, theyre a ground-breaking weapon in your WordPress arsenal.In this post, Im going to give you a point by point instructional exercise on how you can make a WordPress test utilizing a free module called Quiz Cat. Set up that all and its the best device Ive found to make a WordPress test for free.The just drawback is that, in the free form, you cannot make a genuine character test. That is, you can just make a test where each question has only one right answer. In the event that you need to make progressively open tests, youll need the ace variant. Or on the other hand, you can generally make a WordPress survey in the event that you simply need to ask a solitary open-finished question.Heres how to utilize Quiz Cat to mak e a WordPress quiz:Step 1: Install and actuate Quiz Cat Quiz Cat WordPress Quiz Plugin Author(s): Fatcat AppsCurrent Version: 1.7.0Last Updated: April 30, 2019quiz-cat.1.7.0.zip 92%Ratings 60,092Downloads WP 4.0+Requires Quiz Cat is free and recorded at the WordPress.org module registry. To begin, you can introduce the module legitimately from your WordPress dashboard:Make sure to enact it, at that point you can make a beeline for the new Quiz Cat interface in your WordPress dashboard sidebar.Step 2: Connect to Quiz Cat APIWhen you click on the Quiz Cat interface, youll see a brief requesting that you Connect Quiz Cat. This is important to gain admittance to the entirety of the usefulness. To do that, simply click the button:And there's nothing more to it! Nothing else to do.Step 3: Create a WordPress quizNow that youre associated, head to Quiz Cat â†' Add New to make another quiz.First, give your test a title and portrayal. You can likewise add a picture to the depiction if youd like:Step 4: Add your inquiries and answersNext up, look down the page a smidgen to the Questions box. Here, youll include the entirety of your inquiries and answers.First, enter the inquiry content. You can likewise include a picture as a component of the question.Then, enter the Correct answer. On the off chance that a client picks this answer, they will get 1 point.After that, you can enter the same number of Wrong answers as youd like. To include another off-base answer, simply click the Add Answer button:Once youve completed your first inquiry, you can rehash the procedure for the same number of inquiries as youd like your test to contain by hitting the +Add button:Step 5: Add your resultsOnce youve wrapped up your inquiries, you have to include the outcomes your test takers will see toward the finish of the test. As I referenced, you can include various outcomes based how the individual addressed the quiz.Because each right answer is worth 1 point, the default Results page wi ll cover every single imaginable outcome. So on the off chance that you have a test with 4 inquiries, the default results page covers each score from 0-4 points.You can style it by including a title, picture, portrayal, and even custom HTML if youd like:But imagine a scenario where you need to give one outcomes page to individuals who responded to 3-4 inquiries accurately, and another to keep who just addressed 0-2 inquiries effectively. Don't worry about it! Simply click the +Add catch to include the same number of various outcomes pages as youd like. You can re-mastermind them varying by hauling and dropping.Each time you include another outcomes page, Quiz Cat will consequently modify the quantity of focuses related with every outcome page to split things equally:Step 6: Preview your quizOnce youve included the entirety of the outcomes pages that you need, you can see your test by tapping on the Save Preview button at the bottom:Youll first observe your test presentation page. Fu rthermore, on the off chance that you need to see the test in real life, you can take it yourself to ensure everything works:Once youre content with what everything looks like, youre prepared to insert your test on your live site!Step 7: Embed your new WordPress quizTo show your test toward the front, you should simply glue the shortcode any place you need your test to show up. To discover your shortcode, you can go to Quiz Cat â†' All Quizzes:Then, simply glue that shortcode into the WordPress Editor in whichever post or page you need your test to show in. At the point when you distribute the post or page, your test ought to be live:What about making a BuzzFeed style character quiz?Unfortunately, in the event that you need to make a genuine BuzzFeed style WordPress test, youll need to move up to the ace rendition of Quiz Cat for $29. Youll likewise gain admittance to social sharing catches to enable your test to go viral.But in the event that you dont care about BuzzFeed charact er tests, the free form should work for the entirety of different circumstances in which you have to make a WordPress quiz.Wrapping things up If you need any extra assistance, leave a remark and Ill put forth a valiant effort to help.

Economics & study Essay

Financial matters is the investigation of how people utilize rare assets to fulfill their necessities (Lee, et al). There are various ideas that are related in learning financial aspects. These incorporate restricted assets, opportunity cost and exchange offs among numerous different components of thought. To comprehend and have the option to settle on insightful choices in the buying of any great and administration, one should better comprehend these ideas of financial aspects. They are likewise basic in the creation of products and ventures which is the essential point of examining financial aspects (Salaman, 1). Cash and time are assets that are limited (Lee, et al). They are in this manner called restricted assets. A rare asset is an asset that has a popularity and accordingly legitimate dynamic is expected to guarantee that they are utilized ideally. Financial aspects includes the dissemination of assets with the goal that they can fulfill singular needs. Cash is rare in light of the fact that it is restricted in flexibly and thusly it ought to be utilized carefully to fulfill human needs (Lee, et al). For example, if an individual has $ 500 in the pocket, he will decide to pay for his lease instead of purchasing brew for himself. Time then again is a financial asset and one needs to choose well on what to do at a specific time and what to do at different occasions. In our day by day lives, we regularly settle on choices that sway the acquisition of merchandise and enterprises. These choices rely upon what our needs are and what are the assets that are at our proposition. Settling on choices in financial matters is an exceptionally imperative stage with regards to buying of merchandise and enterprises (Salaman, 1). An individual should settle on a choice that the person in question won't lament when the rare financial asset runs out. To settle on a decent choice, one should see a few ideas in financial aspects like the value hypothesis. Value hypothesis causes one to comprehend the costs of products that are in the market. At the point when one comprehends the value hypothesis, the individual can settle on the right choice on what to purchase at what cost without bringing about numerous misfortunes. Opportunity cost results after cautious dynamic (Lee, et al). It is the cost which is equal to the estimation of the best elective that an individual forfeits in accomplishing something different. By settling on a decision in whatever an individual does throughout everyday life, the person in question must bring about circumstance cost. It can either be a minor advantage or a negligible expense. For example, an individual may have options of either joining an experts program or getting utilized in an organization paying him $ 100,000. On the off chance that the individual chooses to go for the bosses program, his chance cost will be $ 100,000. Negligible advantage is characterized as the advantage that is got by including one additional unit in the degree of movement (Lee, et al). Negligible expense then again is the additional expense brought about by including an additional unit in the degree of movement. For the most part, since all purchasers are thought to be levelheaded, they will in general limit negligible expenses and augment peripheral advantages. The distinction between the two gives the net advantage. Exchange offs then again is firmly identified with circumstance cost in spite of the fact that it reallocates the measure of time or cash to be spent (Cage). This infers there is that cash that is saved for spending on perhaps house costs. By purchasing less of what isn't really significant and purchasing a greater amount of what is vital, one will have caused an exchange off. It includes reallocation of cash or time from what had been moved toward (Cage). Taking everything into account, the investigation of financial aspects causes people to decide on the sort of decisions they are to make in their day by day lives. Settling on what great or administration to buy may call for one to comprehend the ideas of go getter cost, exchange offs and in particular, have the information on the rare assets that are accessible to the person in question. Works Cited: Cage, Michael. The separation exchange off and showcasing to values. 2010. Web July 14, 2010 from http://www. entrepreneurslife. com/contemplations/section/the-separation exchange off-and-advertising to-values/Lee, Kylen, et al. The extension and techniques for financial matters. September 17 2006. Web: July 14, 2010 from http://www. econguru. com/introduction_to_economics/scope-strategy. html Salaman, Graeme. Dynamic for business: A peruser. London: SAGE Publication Ltd, 2002.

Read 3 Stories and Indentify the Dominant Style of Leadership Essay

Peruse 3 Stories and Indentify the Dominant Style of Leadership - Essay Example On the subsequent article, â€Å"Taking on Additional Responsibilities†, Jim Madison represents the pioneer part trade style or LMX. The hypothesis of this said practice includes the dyadic relationship of pioneers with explicit key people in his gathering, and gives them a larger number of duties and favors than the rest. This internal hover of devotees or in-gathering, as spoke to by Shirley, Patti, Ted and Jana, are slanted to substantiate themselves to their pioneer by working harder and show duty and dependability to the association, subsequently setting them up to be reasonable possibility to play the job of the pioneer later on. Then again, the out-bunch are the adherents that want to work without anticipating any obligation from the pioneer consequently and respect the later with outmost convention. Finally, Dr. Cook the article â€Å"Students Dig It† shows a transformational style of initiative. A transformational pioneer exhibits the capacity to move and rouse individuals in finishing an errand through showing others how its done. This kind of pioneer tunes in to what his devotees are thinking and guarantee their prosperity in each angle. Consequently, the followers’ spirit increments while their abilities created and in the long run achieves their assignments with insignificant oversight. (Martindale,

10 Common Positive Emotions Beyond Happiness

10 Common Positive Emotions Beyond Happiness More in Self-Improvement Happiness Meditation Stress Management Spirituality Holistic Health Inspiration Brain Health Technology Relationships Part of being happy is feeling happy, moment to moment, throughout our lives. But what does feeling happy really mean? Is it the feeling we get eating an ice cream cone in the heat of summer? The feeling we get sitting next to someone we deeply love? The feeling we get when something goes our way? Without understanding more of the nuance being the phrase feeling happy, we can miss opportunities for positive emotion in our life. In her book Positivity, psychologist Barbara Fredrickson suggests that we experience a range of positive emotions and that each of these helps us to build resources or broaden our perspective in useful ways. Types of Positive Emotions Take a quick look at those 10 common positive emotions  and what they do for us. Joy When we are surprised or delighted with an unanticipated good thing, joy follows. Think of the moment you enjoy a fantastic meal at a new restaurant or when you plan a visit with a good friend. Joy is a signal that the situation is safe and encourages us to lean on the experience and play. Gratitude Thankfulness is what emerges when we recognize that someone else’s effort created a benefit for us. We feel grateful for gifts given, kindnesses extended, and time invested. The feeling of gratitude motivates us to consider ways that we might pay it forward by showing care and thoughtfulness to others. Pride When we accomplish a goal or contribute in an important way, we feel pride in our own abilities. Whether it’s getting the promotion you’ve worked hard for or sticking to a fitness goal for 6 weeks, recognizing our own abilities provides us with the necessary motivation to continue setting and achieving goals in the future. Serenity We feel serene or content when we find ourselves in circumstances that feel right and easy. Think of a lazy Sunday morning with the family or enjoying the calm and quiet of a walk through a garden. Serenity, Frederickson argues, encourages us to savor the present moment and reevaluate our priorities, deepening our understanding of ourselves. Interest We get curious about the world when we encounter something new and feel safe to explore it. Whether it’s binge-reading articles on your favorite subject or discovering a new neighborhood in your town, interest invites us to explore and learn so that we gain knowledge. Amusement From refined wit to slapstick hijinks, amusement or humor is the emotion tied to laughter. Psychologists cite “non-serious social incongruities” as the source of our humor when we simultaneously perceive an event from two different or even incompatible perspectives (think of your favorite bad pun). But whatever it is that makes you chuckle, when we do it with others, we strengthen our bonds to those people even more. Hope Hope is the positive emotion we feel when we envision a brighter future and often helps us through hard times. Although it may be accompanied by fear or sadness, hope pushes us to take steps to create a better tomorrow through sustaining optimism and resilience. Inspiration When we see another person act from the best of themselves, we are inspired to strive for our best. Whether we witness an act of high moral character or a performance displaying excellence and mastery, inspiration helps us connect the greatness in others to the potential for greatness in ourselves. Awe Something is truly awesome when it pulls us in and brings us a sense of connectedness to something bigger than ourselves. Grandiose goodness or beauty, like a view of the starlit sky from a remote place, can stop us in our tracks, overpowered by wonder and respect. Awe transforms our views on the world and our place in it. Love The most frequently felt positive emotion, Frederickson defines love as the shared experience of any of the above positive emotions with someone you care about. These moments allow us to know others more deeply and focus on their well-being. These moments, over time in a caring relationship, forge intimacy and trust. Which one of these emotions do you feel least frequently in your own life? Choose one. For a week or two, focus on creating moments to experience it and enjoy a new shade of happy.

The Sacred Ordination of Kings and the Abuse of His Subjects - Literature Essay Samples

What does an author intend to convey when he repeats certain words throughout a novel or a play? William Shakespeare uses this rhetorical strategy in his famous historical play, King Richard II. The two words sacred and subject are repeated more often in this play than in any of his other works. The connotation that both of these words carry with them underscores the theme of the importance and sacred meaning in being ordained by God to be a king, and of the important duty that this role carries with it, which is to serve the people. These two themes run throughout the play, and the two terms are constantly repeated to remind the audience of their frequent violation. Early on in the play, Richard II repeatedly declares that his subjects are to be loyal and good to him, and that they will all be treated equally regardless of their status. In the first few lines from Richard, he asks John of Gaunt whether his son is coming to settle the matter with Mowbray as a good subject should/ On some known ground of treachery in him? (1.1, 10-11) Richard himself, however, does not treat his subjects fairly; moreover, as we later learn, he was involved in the plot to kill his uncle, Duke of Gloucester. Richards strong hypocrisy is foreshadowed when he tells Mowbray that even the nearness to our sacred blood (1.1,119) will not stop Richard from being fair to both parties. Murdering his uncle appears to stand in total opposition to that promise. Richards constant repetition of the word subject creates a deep irony, as he makes Bullingbrook and Mowbray promise to not plot, contrive or complot any ill/ Gainst us, our state, our subjects or our land (1.3, 198-190). This line once again reminds us of Richards own failure to keep promises in his eventual taking of Bullingbrooks inheritance to use as funding for his war in Ireland. As John of Gaunt prophesizes before he dies, Richards fierce blaze of riot cannot last./ For violent fires soon burn out themselves (2.1, 33-4). Richard stepped over that line when he took away all of Bullingbrooks inheritance. Moreover, the word subject is used by Bullingbrook in his defense against Yorks opposition to his invasion of England. He exclaims, I am a subject, and I challenge law (2.3, 132-3). After he finds out that he was robbed of his inheritance by his own king, who was supposed to protect his subjects and their interests, Bullingbrook, before one with a subjects love(1.1, 31) toward Richard, returns to take back what is his and defend himself along with others for the maltreatment that their king is subjecting them to. To Richard, however, Bullingbrook and possibly all his other subjects are nothing but puny subjects (3.2, 86) incapable of any real damage. Paradoxically, Richard incredulously asks, Subjected thus,/ How can you say to me I am a king? (3.2, 175-6), although his subjugation by his own subjects is just an answer to his own abuses of power. In the play, the word subject is often placed next to or ne ar the word sacred. The main allusion of the latter word is to the ordination of the king by God. Presumably, this was the most sacred tie that the people could have to God. God, they believed, places a king on earth so that he can rule his people by divine right. The theme of God ordaining King Richard II to be the king and Bullingbrook, in his revolt, angering God permeates the play. Richard alludes to this notion of impermeable sacred power that he holds because he has been chosen by God:For well we know no hand of blood and bone,Can gripe the sacred handle of our sceptre,Unless he do profane, steal or usurpYou know: my master, God omnipotent, Is mustering/armies of pestilence(3.3, 80-6) This ordination cannot be revoked by anyone but God, and to attempt to usurp the king would invoke His wrath. Another sacred element is the blood ties that hold people together. The importance of heirs and blood relations is constantly spoken of throughout the beginning of the play. The widow of the murdered duke makes an appeal to John of Gaunt based on this sacred tie that, if broken or destroyed, needs to be avenged. She pleads with Gaunt, reminding him that he and her husband were Edwards seven sons, whereof thyself art one,/ Were as seven vials of sacred blood,/ Or seven fair branches springing from one root (1.2, 11-13). She begs him to avenge her husband, but Gaunt is closer in devotion to the sacredness of Gods choice of king and his placement on the throne. If Richard has indeed murdered the duke, God will punish him for it; Gaunt does not feel that it is his right to seek justice against the king. Furthermore, the sacred tie between Richard and his subjects has deteriorated so much that they no longer have any faith in him and instead turn to Bullingbrook as their savior. In this way, Bullingbroke moves from being a subject of a king to being a symbol of justice and order, someone who will treat his subjects with dignity and rule England fairly. As Charles Boy ce points out, Richard seizes the inheritance of Bullingbrook, and this not only stimulates Bullingbrokes rebellion, but it alarms many other nobles, who fear that their own holdings may similarly be in jeopardy (535, Shakespeare A-Z). This ties in to the previously mentioned theme of the sacredness of ordination, as the subjects of the king are required to honor this God-ordained individual. While they cannot break this sacred dictate, some revolts may be in themselves God-ordained, just as the first king was put there at the beginning of the tradition of royalty. While it is true that The breath of worldly men cannot depose/ The deputy elected by the Lord. (3.2, 56-7), when this holy deputy begins to neglect and misuse the power that was bestowed upon him by God, his subjects may decide to turn away from him. Just as God placed the king on the throne, God may also revoke his rights and send another, more worthy individual to take his place: The deposed king had failed to serve the people, and the new king had been sent by God to do so (539, Shakespeare A-Z). These two small words are intertwined throughout the play, underscoring the works two predominant themes. The sacred position of the king as the ruler of the people was thought of as a divine ordination made by God. He was not chosen by the people, nor was he approved by them. However, the people took comfort in the belief that God had chosen the king because he was intended to be a good ruler who treated his subjects with fairness and equality. King Richard II, however, proved to be inadequate as a ruler, and Bullingbrooks rebellion against the king can be looked as something that was sent from above, and was thus not a violation of the sacredness of Gods ordination. As Northumberland says to Bullingbrook, First, to thy sacred state wish I all happiness (5.6,6); the lines seem to drip with suspense and ambivalence. Is Bullingbrooks new crown sanctioned by God? The question remains whether or not this w as truly a God-ordained event. Richard points out by the end that this made Proud majesty a subject, state a peasant (4.1, 251). This line suggests chaos, as the two roles are not only reversed, but the old king is also murdered. Bullingbrooks reaction to Richards murder is strangely ambivalent, and an ominous feeling seems to hang over the beginning of the reign of Henry IV.

Advantages and Disadvantages of Servant Leadership Free Essay Example, 750 words

ï » ¿Advantages and Disadvantages of Servant Leadership It is undeniable that servant leadership has permeated through the management practices especially in the 21st century. Spearheaded by Robert K. Greenleaf, this model of leadership has gained ground to be one of the most common leadership models in many organizations. According to Greanleaf, servant leadership emanates from the intrinsic desire to be a servant. In his thinking, servant leadership needs to embrace the idea of serving others first in order to make them more useful, practical, and empowered (Frick 13-20). In return, the employees then become more useful towards the goals and objectives of the organization. However, implementation of servant leadership has a wide array of challenges. This essay focusses on advantages and disadvantages of servant leadership. One of the primary advantages of servant leadership is its robustness in diverse workplaces. In diverse institutions, servant leadership espouses to attend to each employee in the organization. When every employee in different sectors of the organization is empowered to act in accordance to organizational goals, the result is and effective work output. In contrast, an autocratic form of leadership would otherwise not be able to attend to all employees, leading to unbalanced work output. We will write a custom essay sample on Advantages and Disadvantages of Servant Leadership or any topic specifically for you Only $17.96 $11.86/pageorder now Nevertheless, the success of servant leadership in such large organizations primarily depends on the employees’ ability to be nurtured to be leaders themselves. Another important advantage is the possibility of achieving high productivity and capacity among employees. Servant leadership tends to command respect, trust, and loyalty from employees. Therefore, organizations using servant leadership model are able to record more work output because employees feel as an important part of the organization. Indeed, employees who are nurtured to be leaders in different capacities develop a sense of ownership to the organization as opposed to autocratic, dictatorial, or centralized form of leadership. Servant leadership cultivates high levels of involvement not only in daily operations of the organization but also in decision making. Whereas servant leadership seeks to attend to the needs of employees, the employees in turn feel empowered to attend to the needs of the customers and the organization in general. Furthermore, employees working under servant leadership are given the opportunity to make decisions, provide views and opinions, as well as air their concerns. This is a great advantage to the organizations as it can be able to tap into the wide variety of ideas from different employees. This is more important as opposed to the one sided ideas found on other centralized forms of leadership. On a different note, servant leadership can be likened to delegation of duties. In this aspect, a servant leader is in a position to empower the employees to meet organizational goals with minimal supervision. Therefore, even in situations when a servant leader may be temporarily not in touch with the employees, the employees can actually act as leaders in their own individual capacities. This comes in handy in situations where top management is undergoing a paradigm shift or when an organization is changing from one leader to another. However, servant leadership has its challenges as well. One of the primary disadvantages of servant leadership is the energy and time taken to instill servant leadership ideology in the minds of employees. Whereas autocratic form of leadership needs to set rules and make sure they are followed, servant leadership needs to nurture each individual to be a leader in their own capacity. Training every person to be a leader and to align personal values and beliefs to organizational goals takes time and effort. Therefore, realizing the benefits of servant leadership may take quite significant amount of time. Another disadvantage of servant leadership is the apparent lack of authority. Arguably, employees may see their leaders as weak. The authority that comes with leadership is more often aimed at instilling discipline and order in the organization in the efforts of representing the command of investors. However, servant leadership seems to lack the â€Å"father† or authoritative figure and therefore, the servants might end up not respecting their roles in the organization. Lastly, organizations have an almost similar form of organizational structure whereby leadership comes from the top. In every level in the leadership hierarchy, each person has roles, privileges, and responsibilities. However, servant leadership seems to break down this organizational structure. In conclusion, servant leadership is significantly important in that it empowers employees to be managers in their capacities. It also provides opportunity to harness ideas from employees and also ensure smooth transi tions during top management changes. However, implementing servant leadership takes time, may de-structure managerial structure, and may lead to less work output if not well managed. Works Cited Frick, Don M. Robert K. Greenleaf: A Life of Servant Leadership. San Francisco, Calif: Berrett-Koehler Publishers, 2004. Print.

Study On The Birth Of Value Investing Finance Essay - Free Essay Example

Sample details Pages: 21 Words: 6397 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Benjamin Graham is considered the father of security analysis and value investing. He denied the common belief that value and price were synonyms as Graham argued that price is what is paid for the security, and value is what is received. In Security Analysis, Graham and Dodd emphasized that price and value did not necessarily gravitate together all the time as they observed at times that value and price would diverge. Don’t waste time! Our writers will create an original "Study On The Birth Of Value Investing Finance Essay" essay for you Create order Benjamin Graham and David Dodd argued that stocks which became out of favor would ultimately become underpriced in the marketplace, and investors who were aware of this phenomenon could capture strong returns by holding the security the marketplace recognized its true worth. The duo suggested that widely popular securities would trade at premium, often led by high expectations, and became risky as trend chasers drove the prices up without coherent backing for their expectations. Graham defies the logic of efficient market hypothesis as he argues that the stock market is an irrational place where investors overreact and tend to simply follow the crowd. According to Graham and Dodd, the ideal investor would not blindly follow the crowd, rather, they are disciplined whereby they seek out securities selling for less than their intrinsic value and then wait for the market to recognize and correct the disparity. In 1949, Benjamin Graham released his new book, The Intelligent Investor , which the legendary investor Warren Buffett described as the greatest book about investing ever written. Within this book, Graham describes that the market will overvalue companies that show growth or are very popular in the media whilst the market will undervalue firms that are out of favor for some reason. The market contains stocks whose price will rarely equal the investors estimate of its value. However given time, the market will correct itself where the stocks price and value will eventually converge. Following this principle we find that under certain conditions, a security may be purchased below its intrinsic value; and the greater the discrepancy the greater the margin of safety. There are several equity-portfolio managers that place themselves in the value or growth camp. Growth camps are stocks from firms that enjoy above-average earnings-per-share increases and usually have above average price to book and price to earnings ratio. Value camps, on the other hand, cha racterize themselves as value funds as they only invest in stocks with low price earnings ratio or low price to book value ratio, relative to the market. Damodaran emphasizes that this is a narrow definition of value investing and misses the essence of value investing. Another convention for value investing provides that value investors are interested in buying securities below their intrinsic value. However, Damodaran describes this definition as too broad and underscores that growth investors would also like to purchase securities below their true worth. He highlights that the true essence of value investing derives from the assets that are already in place, expected future investments and growth opportunities. Thus, value investors desire to purchase securities for firms for less than what their assets in place are worth. Damodaran underlines that value investing branches out into three unique segments. The first form of value investing is passive screening where companies are selected using relatively simple criteria which includes relative valuation multiples (earnings multiple, book value, revenue multiples, etc). The second form is a relatively new phenomenon known as contrarian value investing where one buys neglected securities due to poor historical performance or lack of media coverage. In the third form, you become an activist value investor whereby you purchase equity from poorly managed firms but you then use your position to turn the company around (assuming that you purchase enough equity to give you that role). For this paper, I am going to focus on the first two aspects of value investing. In 1934s Security Analysis, Benjamin Graham and David Dodd provide their readers with specific screen to find value stocks, summarized below: An earnings-to-price yield at least twice the AAA bond yield. A price-earnings ratio less than 40 percent of the highest price-earnings ratio the stock had over the past five years. A dividend yield of at least two-thirds the AAA bond yield. Stock price below two-thirds of tangible book value per share. Stock price two-thirds net current asset value. Total debt less than book value. Current ratio greater than two. Total debt less than twice net current asset value. Earnings growth of prior ten years at least 7 percent on an annual basis. Stability of growth of earnings in that no more than two declines of 5 percent or more in the prior 10 years. Graham would recommend purchasing the security if it passed all of the criteria given above. Henry Oppenheimer studied the portfolios obtained from these screens from 1974 to 1981 and concluded that you could have made an annual return well in excess of the market. The screening process has evolved over the period and many research studies have been carried out to test their validity. The purpose of this paper is to review literatures that have studied the styles involved in value investment strategies and how it compares with its competitor, growth investment strategy. Furthermore, this paper will also examine the evolution of Grahams investment strategy and try to highlight that value and growth camps may not be as mutually exclusive as it is widely known to be. The principle behind this paper is not to prove that value investment strategy in the best technique for security selection, rather it is to analyze objectively the method involved in selecting securities under the umbrella of value investment strategies, and how it contributes to an investment portfolio. Relative Valuation multiple Benjamin Grahams Net Current Asset Value Stock Selection Criterion The net current asset investment selection criterion, developed by Benjamin Graham, seeks out securities which are priced at 66% or less of a companys underlying current assets (cash, receivables and inventory) net of all liabilities and claims (current liabilities, long-term debt, preferred stock, unfunded pension liabilities). Graham highlighted that he used the net current asset investment selection technique extensively while he was managing the Graham-Newman Corporation and reported that the average return over a 30-year period, on diversified portfolios of net current asset stock was approximately 20% per year  [1]  . Oppenheimer (1986) examined the investment results of stocks selling at or below 66% of net current asset value during the 13-year period from 1970 through 1983. The portfolio was rebalanced annually and he selected companies from the New York Stock Exchange (NYSE), the American Stock E xchange (AMEX), and the over-the-counter securities market. The minimum number of securities that a portfolio held was 18 and the maximum was 89 stocks. Oppenheimer found that the mean return from net current asset stocks for the 13-year period was 29.4% per year versus 11.5% per year for the NYSE-AMEX Index. However, the results were not consistent as data showed that between 1970 and 1973, the mean annual return from the net current asset portfolio was 0.6% per year as compared to 4.6% per year for both the exchanges. Moreover, the study compared the investment results from the net current asset firm which operated at a loss as compared to firms which operated profitably. The study found that companies operating at a loss had slightly higher investment returns (31.3%) than the companies with positive earnings (28.9%). Book Value Multiple Damodaran highlights that the book value of equity is the value of equity in a firm from an accounting perspective, while the market value of equity is the value of a firm determined by investors. Some investors argue that low price to book stocks are value stocks and high price to book stocks are growth stocks. Investors have used these competing criteria as a method for stock selection and several studies have been carried that examined the returns generated by the two respective strategies. Fama and French (1992) carried out a classic study on the performance of low price to book value stocks over a 27 year period from 1963-1990. The stocks were selected from several indexes including the NYSE, AMEX and NASDAQ. Fama and French divided the securities into ten groups according to their price to book value and they were re-ranked anually. They found that the lowest price to book portfolio (value) outperformed the highest book-to-market portfolio (growth). They found that the value portfolio generated an average return of 24.31 percent a year, while the growth portfolio of 3.7 percent from 1963-1990. Banz (1981) argu es that value portfolios with high book/market tend to consist of firms smaller in size than portfolios with growth stocks. He highlights that part of the book-to-market effect may reflect the premiums that small firms tend to have over larger sized firms. Furthermore, systematic risk could not explain the differences in the portfolio since the market beta for both portfolios were similar. Fama and French argued that value represented a risk factor that investors were being compensated for taking on additional risk. Several studies of foreign stock markets have developed similar findings regarding growth and value stocks. This implies that investors worldwide systematically misprice value stocks. For example Chan, Hamao, and Lakonishok (1991) examined the relationship between the average returns on Japanese stocks and their value of B/M ratio, E/P ratio, and C/P ratio, and size. They formed four equally weighted portfolios that were re-ranked annually and one special group for st ocks that have negative values for the scaled price variables. They found that firms with the highest E/P, B/M, C/P (value stocks) had the greatest investment returns with each portfolio performing better than one below. The greatest difference in average returns was found under the book to market ratio, where the high book to market portfolio (value portfolio) earned approxiamtely 29.16% per year and the lowest book to market portfolio (growth portfolio) earned 15.96% per year. Furthermore, companies with high book to market value seemed to be firms with high cash flow to price and earning to price which implied that the different measures of value were correlated. This is further supported by Capaul, Rowley, and Sharpe (1993) who extended the analysis of price-book value across the international market as they studied six countries from January 1981 through June 1992 and determined that value stocks outperformed growth stocks on average in each country. Earnings Multiple Gra ham argued that stocks with low price to earnings ratio are more likely to be undervalued and have the possibility to earn excess returns. Several studies have studied relationships between PE ratios and excess returns and have consistently found that low P/E stocks tend to outperform the market and high P/E stocks. In What Works on Wall Street, OShaughnessy found that the P/E ratio is particularly relevant with large stocks. However, one should recognize that securities that are priced at discount relative to their earnings do not precede securities that have high expected earnings growth rate. Value strategists argue that a firms with a low price to earnings value combined with expected earnings growth rate are superior than firms with simply a low price to earnings value. Oppenheimer (1984) examined the investment performance of low P/E ratio stock (as developed by Benjamin Graham) and investment returns. One of Grahams stock selection criteria as highlighted above included th e purchase of securities of companies in which the earnings yield was at least as twice as the AAA bong yield and the companys total debt was less than its book value. Oppenheimer found that Grahams selection criteria achieved a mean annual return exceeded the market index of 38 percent 14 percent, from 1974 to 1980. Several other analysts including Basu (1977) examined the relationship between P/E and excess return from 1957 through 1971. He found that the average annual rate of return for lowest P/E portfolio was 16.3% while the average annual rate of return for the highest P/E portfolio was 9.3%. Furthermore, Damodaran studied the relationship between 1952 and 2001 and found that firms in the lowest P/E ratio (value) class earned 10% more each year than the stocks in the highest P/E class (growth) between 1952 and 1971, about 9% more each year between 1971 and 1990 and about 12% more each year between 1991 and 2001. He further determined that the excess return earned by low P/ E ratio stocks was also true in the international market. The findings for the international market are further supported by Chisholm (1991) who examined price-to-earnings ratio and investment returns in the United Kingdom, France, Germany, and Japan. He found that the lowest price/earnings portfolio outperformed the highest price/earnings portfolio in all of the countries from 1974 through 1989. Furthermore, an interesting study was carried out by Goodman and Peavy III in their book, Hyper-Profits, where they investigated annual investment returns of companies priced low in relation to earnings relative to other companies in the same industry between 1962 and 1980. They found that stocks with the lowest price-to-earnings value relative to other companies in the industry earned an annual investment return of 23.61% while stocks with the highest price-to-earnings value relative to other companies in the industry earned an annual investment return of 5.42%. Other earnings multip le include price to cash flow whereby the cash flow is measured as earnings plus depreciation. Keppler (1991) examined the relationship between price to cash flow and investment returns for firms throughout the world (Australia, Austria, Belgium, Canada, Denmark, France, Germany, Hong Kong, Italy, Japan, The Netherlands, Norway, Singapore/Malaysia, Spain, Sweden, Switzerland, the United Kingdom, and the United States). Between 1970 and 1989, Keppler created an equally weighted portfolio (according to the ratio of price to cash flow) each quarter following eighteen Morgan Stanley Capital International national equity indexes. Cash flow was determined as cash flow plus depreciation and net earnings after tax, dividends on preferred stock, minority interest, and distributions to employees. The study found that an investment in the lowest price to cash flow portfolio produced a 19.17% compound annual return in local currencies over the nineteen years and eleven months. On the other h and, investment in the highest price to cash flow portfolio provided a 4.37% compound annual return in local currencies. Revenue Multiple Damodaran argues that an increasing numbers of investors examine the top half of the income statement due to lack of transparency in accounting earnings, because these numbers are less susceptible to accounting manipulation. Several studies have concluded that stocks with low price to sales ratios outperform the market and stocks with high price to sales ratios. In What Works on Wall Street, James P. OShaughnessy determined that price to sales value is the strongest influential factor of excess returns. Senchack and Martin (1987) examined the performance of low price to sales ratio portfolios with low price-earnings ratio portfolios, and concluded that the low price-sales portfolio outperformed the market but not the low price-earnings ratio portfolio. They also found that the low price-earnings ratio strategy earned more consistent returns than a low price-sales ratio strategy, and that a low price-sales ratio strategy was more biased towards picking smaller firms. Further research was carried by Jacobs and Levy in 1988 who concluded that low price to sales ratio alone provided excess return of about 2% a year between 1978 and 1986. They further underlined that price to sales ratio became a significant determinant for excess return even when other factors were taken into consideration including size, PE, P/BV, earnings momentum measures, relative strength and neglect. Dividends Yield Some investors like to receive dividends payments and prefer stocks with high dividends yield than low dividends yield. McQueen, Shields, and Thorley (1997) analyzed the Dow dividend strategy which consisted of buying the 10 highest yielding Dow stocks from 1946 to 1995. Proponents of the strategy claimed that investing in the Dow Dogs could generate excess returns in comparison to the Dow 30 and SP 500. However, McQueen et al found that the Dow-10 produced significant excess returns over the 50 year period. The average annual return for the Dow-10 was 16.77% versus 13.71% for the Dow-30. However, higher risk as measured by standard deviation (19.10% versus 16.64%) accompanied the higher returns as a portfolio of 10 stocks is likely to have a substantial amount of firm specific risk. The authors determine that most of the Dow-10 returns come from dividends which cannot be deferred and are taxable. Moreover, the Dow-10 strategy requires annual rebalancing exposing further transactions costs and taxable income on capital gain. They conclude that while the raw returns from buying the top dividend paying stocks is higher than the rest of the index, adjusting for risk and taxes eliminates all of the excess return. A study by Hirschey in 2000 also indicates that there are no excess returns from this strategy after you adjust for risk. Damodaran highlights three implications for a high-dividend strategy. The fi rst implication that one needs to take into consideration is dividends are exposable to taxable income and are taxed at a higher rate than capital gains. The second implication that one needs to be aware of is that a firm will not necessarily continue to pay high dividends forever as they may be paying out more than they can afford or more than they should. This leads us to the third implication which emphasizes that a high dividend payout ratio means that the firm is not reinvesting its earning back into the firms which therefore indicates that there is very little growth opportunity for the firm. Further Retrospective on Value Investment Strategies The financial industry has long been exchanging ideas between different investment strategies. The topic of value and growth investing styles has long been evaluated by academics. Results from academic studies have formed the foundation for investments strategies that have been widely applied in the financial markets. Some of the earlier studies that examined the different investment strategies were Fama and French (1992) that we looked at above, and Lakonishok, Shleifer and Vishny (1994). Fama and Frenchs research brought the Capital Asset Pricing Model under scrutiny as they found that beta does not explain the cross section of stock returns from 1963 to 1990. This study found that that the ratio of book-to-market value of equity and the size of the firms provided a better explanation for the cross-section of average stock returns. Lakonishok, Shleifer and Vishny (1994) tried to take account of the size effect and they found that the average size-adjusted return over the fi ve post-formation years for the value portfolio is 3.5 percent compared to -4.3 percent for the growth portfolio. Thus, the relative size of the firm cannot alone explain the effect of the book-to-market ratio. LSV evaluated the performance of several value strategies including book to market (B/M), cash flow to price (C/P), earnings to price (E/P), growth of sales (GS) and multi-dimensional measures of value. LSV found that performance for glamour stocks was outpaced by performance for their value counterparts. The C/P strategy had the biggest difference return of about 11% per year. LSV further determined that value strategies built with two value measures outperform those using only one variable. One can argue that the findings are the result of data-snooping which means that the success of value strategies should not hold up in other periods or other markets. However, Chan, Hamao, and Lakonishok (1992) found a strong value premium in the Japanese market. Moreover, Brouwer (19 96) confirmed the outperformance of value strategies in the European market (France, Germany, Netherlands, and the United Kingdom). This eliminates the effect of data-mining as the findings are similar in two markets with very different conditions. This was supported by Sanders (1995) who studied six countries from 1980 through 1993 and found that on average value portfolio outperformed growth portfolio. Furthermore, Chisolm (1991) studied stocks in France, Germany, Japan and the United Kingdom from 1974 through 1989. Stocks were divided into quintiles based on price to book value and adjusted annually. In each country the low price to book value quintile outperformed. The difference in annual compound returns in France and Japan was more than 10% for the period studied. Chisolm also divided stocks into quintiles based on P/E and found similar results with low P/E stocks outperforming, particular in the United Kingdom. Value versus Growth strategies Chan and Josef Lakonishok ( 2004) reviewed and updated the literature regarding the performance of value versus growth strategies through 2001 and provided some new results based on an updated and expanded sample. They found that even after taking into account the experience of the technology led stock markets of the late 1990s, value stocks generated superior returns. Chan and Lakonishok constructed large cap and small portfolios by sorting stocks on a composite value indicator (book-to-market value of equity, cash flow relative to price, earnings yield and the sales to price ratio). The composite indicator allowed them to identify stocks that were undervalued relative to their fundamentals. From 1971 to 2001, the geometric mean return on the value portfolio for large stocks was 20.4 percent in comparison to the return generated by the Russell 1000 value index of 15.4 percent which indicated that the use of multiple measures in the composite indicator boosts the performance of the value strategy. Yet ag ain the small cap portfolio, the deep value portfolio outperformed the Russell 2000 value index. In the large cap study, the return differential between the average returns for the top two deciles (growth) and the bottom two deciles (value) was 10.4 per cent in favor of the value stocks. The gap was even more pronounced in the small cap study where the value deciles outperformed the growth deciles by 18.8 percent over the period. Explaining the performance of value strategies The academic community in general have found that value investment strategy tend to outperform growth investment strategy. However, academics have provided different reasons for the superior return for value stocks versus growth stocks. Fama and French support the efficient market hypothesis theory and underline that the higher returns for value stocks are a result of greater risk. In other words, the value premium is simply a compensation for bearing the extra risk. On the other hand, DeBondt and Thal er (1985) and Haugen (1995), emphasize that value premium arise from mispricing when contrarian investors profit by shorting stocks and naive investors overreact due to misplaced enthusiasm (i.e. growth stocks) and by buying stocks that are out of favor (i.e. value stocks). Fama and French (1992) argue that the superior returns of value strategies can be attributed to higher risk. High book- to- market stocks tend to bear higher fundamental risk and their higher returns are simply a compensation for that risk. However, Lakonishok, Shleifer and Vishny (1994) argue that risk does not explain the difference in returns. They emphasize that if risk were to explain the difference in returns then value stocks should underperform during bad states of the world when the marginal wealth of the world is high, such as extreme downturn in the market or economic recessions. Chan and Lakonishok (2002) who reviewed the study summarized the results from Contrarian Investment, Extrapolation, and R isk study. They isolate 25 months with the worst stock market performance, the other 88 months with negative market returns remaining after the worst 25, the 122 months with positive market returns excluding the best 25, and the 25 months with the best market performance. During the worst 25 months, the value portfolio outperformed the growth portfolio by 1.8 percent. Additionally, the value stocks outperformed the growth stock by 1.4 percent on average during negative market returns. During good states, value portfolio seemed to fare better than the growth portfolio. Thus, there were no significant evidence found that supported the notion that superior returns on value stocks reflect higher risk. The risk factor is further undermined by a study carried out by Abhyankar, Ho, and Zhao (2006) who investigated the value versus growth strategies based on stochastic dominance. Using half century of U.S. data, they tested for stochastic dominance relations between return distributions of investments in value between return distributions of investment in and value and growth portfolios. They emphasized that the advantage of using this approach is that it does not require the use of any specific asset pricing model to correct for risk and minimal assumptions were required about the return distributions and investor risk preference. Moreover, this approach allowed one to compare the entire distributions of portfolios rather than only the mean or median returns. They found strong evidence that value portfolios stochastically dominate growth portfolios in all three-order of stochastic dominance relations from 1951 to 2003, including during good economic periods. However, they determined that there is no significant stochastic dominance relation between value and growth stocks during recessionary periods, which is inconsistent with the risk based predictions that value stocks underperform growth stocks when the marginal utility of wealth is high. Thus, it may be better explained by behavioral models. Lakonishok et al. (1994) underscore that value strategy may produce higher returns because they are contrarian to naÃÆ'ƒÂ ¯ve strategies followed by other investors. These naÃÆ'ƒÂ ¯ve strategies include extrapolating past high abnormal returns into the future, investors expect future growth to be connected to past growth, overreact to good or bad news, equating good investment with a well run company irrespective of price. Shefrin and Statman (1995) support the behavioral asset pricing theory which argues that noise traders make cognitive errors that lead to the belief that good stocks are stocks of good companies. Therefore, these investors prefer glamour strategies (growth stocks) over value strategies (value stocks). Information traders, such as money managers of investment or pension funds follow this behavior. The reason for this is that they also have a preference for glamour strategies, because their clients are more f orgiving of losses on stocks of good companies than of losses on stocks of bad companies. Lakonishok et al. (1994) support the claim as they argue that institutional investors may prefer glamour stocks because they appear to be prudent investments, and hence are easy to justify to sponsors. Chan and Lakonishok (2002) emphasize that value stocks tend to have a past history of poor performance with respect to growth in earnings, cash flow and sales. Conversely, glamour stocks have out-shone their value counterparts in terms of past growth. Chan, Karceski and Lakonishok (2002) highlight that investors and analysts overlook the lack of persistence in growth rate and instead project historical growth rates into the future, thus creating favorability towards glamour stocks because they are easier to justify to sponsors. These stocks receive tend receive huge media coverage followed by significant number of financial analysts. Thus, money managers may feel compelled to hold glamour port folios which cause value stocks to be under-priced and glamour stocks to be over-priced. Shleifer and Vishny (1997) argue that the limitation on arbitrage causes the mispricing pattern to persist over long periods of time. Is value and growth mutually exclusive? Several studies classify stocks simply based on relative valuation multiple in order to place them in two different camps, value and growth. However, Ahmed and Nanda (2000) argue that the traditional method of classifying securities ignores situations where value and growth investing strategies can actually complement each other instead of being classified as mutually exclusive in order to produce superior returns. Ahmed and Nanda emphasize that growth in EPS may yield to be better characteristic of growth than simply using a high price to earnings ratio. A strategy that seeks out securities with dual characteristics of a low price to earnings ratio and a high growth rate in EPS will outperform a strategy that simply s eeks out low price to earnings stocks. They defined growth stocks as those having a high growth rate in historical EPS and evaluate the returns to portfolio that lie at the intersection of value and growth styles. They used two-year average growth rate in EPS of securities from the NYSE and NASDA. They found that stocks at the intersection of high earnings yield and growth outperform all other stocks from 1982 to 1997. The highest earnings yield with the highest growth rate generated an average return of 15.20% while the lowest earnings yield with the highest growth rate generated an average investment return of 9.26%. A $100 investment in the highest earning yield with growth characteristics in 1982 would have increased to $1,489 by 1982. On the other hand, a similar investment in the lowest earning yield with growth characteristics in 1982 would have increased to $226 by 1982. They further determine that a high earnings yield portfolio with growth characteristics outperformed t he Wilshire 5000 value index. However, Ahmed and Nanda indicate that an investor will have to rebalance their portfolio every year if they want to achieve superior results from investing in high earnings yield and growth stocks, which can lead to significant transaction costs. Though, they argue that the performance of high earnings yield and growth stocks persisted in the second year without rebalancing. Contrarian Value Investment strategy The second strand for value investments includes the contrarian value investing style. Within the realm of contrarian investment style, the central thesis is that markets overreact to new information and systematically over price stocks when the news is good and under price stocks when the news is bad. There is some evidence that suggests that markets do overreact to both good and bad news, especially in the long term, and that stocks that have done exceptionally well or badly in a period tend to reverse course in the following period, but only if the period is defined in terms of years rather than weeks or months. To isolate the effect of price reversals on the extreme portfolios, DeBondt and Thaler constructed a portfolio of 35 best performing and 35 worst performing stocks over the preceding five years from 1933 to 1978. The average price decline was 45% for the loser portfolio. They examined returns on these portfolios for the sixty months following the creation of the portf olio. The study indicates that an investor who bought the 35 worst performing stocks and held it for five years would have generated a cumulative abnormal return of 30% over the market index and 40% over the 35 best performing stocks. DeBondt and Thaler also tested portfolios of worst and best performing stocks based on investment returns over the prior three years and found similar significant excess positive returns for the worst performing stocks and similar below market returns for the best performing stocks. Damodaran highlights that many academics and practitioners provide an insight for the findings and emphasize that they may overstate potential returns for loser portfolio. For example, Damodaran argues that there is evidence for loser portfolios to most likely to contain low priced stocks (selling for less than $5) which are more likely to generate skewed returns, i.e., the excess returns come from a few stocks making phenomenal returns rather than from consistent perfor mance. Moreover, Zarowin (1990) found that when you do not control for firm size, the loser stocks outperform the winner stocks, but when you match losers and winners of comparable market value, the only month in which the loser stocks outperform the winner stocks is January. One final point that Damodaran underlines is that even though there may be evidence of price reversals in the long period, there is evidence of price momentum as loser stocks will continue to produce negative returns and winner stocks will continue to generate higher returns in the short run (6 months to a year). This is supported by Jegadeesh and Titman who found that stocks that perform the best over a three- to 12-month period tend to continue to perform well over the subsequent three to 12 months and stocks that perform the worst will continue to do so over the same period. Therefore, a superior payoff from poor performing stocks depends heavily on an investors capacity to hold those stocks for long periods of time. Looking beyond relative financial ratios The traditional method developed by Graham and Dodd in selecting value stocks using the valuation multiples (such as P/E and B/M) does not necessarily lead to superior returns at all times. Numerous studies have found that value investing does perform well across most equity markets but it is also true that over most reasonable time horizons, the majority of value stocks underperform the market (Piotroski [2000]). Piotroski determines that while a high book-to-market investment strategy, on average, yields positive abnormal returns, the positive returns are generated by only 44% of the sample firms. The reason for this is that the poor valuation ratios for many firms are reflective of poor fundamentals that are only worsening. The typical valuation multiples does not give any indication whether those stocks performance will change or continue to underperform. A portfolio of value firms outperforms both the overall market and portfolios comprised of low B-to-M glamour firms because a small number of high book to market firms are strong enough to raise the portfolios mean performance, compensating for the many high book to market firms that under-perform the market. Damodaran highlights that there is a problem with simply picking stocks based on a single ratio even though these studies indicate that a high book to market value has the potential to earn excess return compared to the market and firms with low book to market ratio. A low price to book ratio may signify that the firm may have financial problems, thus, investors have to evaluate whether the additional returns provided by the firm justifies additional risk. Moreover, a low book value may be justified provided that that firm is expected to continue to earn low returns on equity. Damodaran emphasizes that the price to book value ratio can be written as: Price/Book = (Return on Equity Expected Growth Rate) (Return on Equity Cost of Equity) Stocks with low returns on equity should trade a l ow price to book value ratios. In fact, a firm that is expected to earn a return on equity that is less than its cost of equity in the long term should trade at a discount on book value. In summary, then, as an investor you would want stocks with low price to book ratios that also had reasonable (if not high) returns on equity and limited exposure to risk. Damodaran signifies that a stock with a low price to book value should only be considered undervalued if the stock has a low default risk and a high return on equity. There are also problems with simply using earnings multiple. Damodaran argues that a portfolio of low PE securities will include stocks whose future operating earnings are uncertain. For example, accounting earning are susceptible to manipulation. In addition, one needs to examine whether the earnings are recurring or simply due to onetime items such as gains from divestitures. Damodaran highlights a second point that low PE ratio stocks tend to have large dividen ds yield, which creates a tax burden for investors. Furthermore, a low PE ratio stock may reflect low or negative expectations of future growth in earnings. Several low PE ratio firms tend be in the mature phase in the business cycle where the potential for growth is minimal. An alternative to simply using a PE ratio is to use price to adjusted earnings in order to identify a firms true operating earnings over the longer term rather than one time special items or events that increase the firms earnings. Furthermore, investors may also want to examine the growth rate of firms to ensure that the firm does not at least show a negative growth rate. The problem associated with simply using price to sales ratio is that the low price may justified given the level of risk. Price to sales ratio is determined by dividing the market value of equity by the revenue of the firm. One of the problem with simply determining a value stock as a stock with a low P/S ratio is that a highly leverages firm will trade at a lower multiple of revenues, thus, you may be investing in a risky asset. Furthermore, firms that operate in businesses with little pricing power and poor profit margins will trade at low multiples of revenues. One can argue that value is not ultimately determined by your capacity to generate revenue, rather it is your capability to claim earnings from that revenue. Damodaran underlines that one of the possible alternative is to use enterprise value instead of market value of equity, which will remove the bias towards highly levered firms. The other option is to screen stocks using both price-sales ratio and profit margin. Piotroski (2000) found that applying simple financial stamen analysis techniques to a high book to market portfolio could differentiate strong firms from weak firms. Piotroski explained that this method allowed investors to form a value portfolio that consists of only the firms with the strongest performance prospects, which should outperfor m a generic high book to market portfolio. Piotroski reported that the average return earned by a high book to market investor can be increased by at least 7.5% annually and he found that his investment strategy generated a 23 percent annual return across a 20-year time period (1977-1996). Piotroski highlights that the success of the strategy of based on the ability to predict the future performance of respective firms and the markets inability to recognize these predictable patterns. As we underlined earlier, investors react too pessimistically to poor historical performance, causing the market to temporarily to misprice the firm. Moreover, research analysts and investors tend to neglect these firms and follow glamour firms. One can predict the future performances of these firms by evaluating economic fundamentals such as leverage, profitability and growth. Greenwald, Kahn, Sonkin, and Bienna in their book Value Investing: From Graham to Buffet and beyond, does not follow the traditional method that people use to study value stocks based on low P/E ratios. Rather they use more of a modern value investing approach where the authors preach the wisdom of asset values and margin of safety. A contemporary value investor needs to recognize the franchise value of a firm and the nature of its competitive advantages. The structure of the book consists of valuing a company by first looking at reproduction costs of assets, then earnings power, and finally the value of profitable growth. The authors begin with adjusting the balance sheet of a firm by calculating the cost of assets for a new business entrant. This is followed by valuing a company based on the earnings, assuming no growth. This is accomplished via calculating the earnings power vale (EPV) which looks at the entire company structure- debt, equity, and cash. The difference between the asset value and the EPV (the franchise value) is the value created by the company that has competitive advantage. Fi nally, the value of growth is considered. This book signifies that value investors are skeptical about growth because it is normally not worth anything. They argue that unless the return on capital (ROC) is not greater than the cost of capital (WACC), growth does not create value.

Romani A Beautiful Country - 1670 Words

When people hear of the place Romania, not very many people know about its very existence, much less where it is located on a map. Romania is not a well-known country, but it is somewhat known for its gypsies, castles, wine, and for Dracula himself. Romania is a beautiful country filled with amazing landscape such as fascinating forests, majestic mountains, and raging rivers. Romania also is a very warm culture and the people there are extremely friendly and hospitable. In order for one to know and understand much more about Romania, one would need to understand the changing culture, the people that helped change that culture, and the religion that has shaped the nation. To begin one s understanding of a country, one would have to†¦show more content†¦Romanians will go to the utmost extreme of providing extravagant food, entertainment, and ceremonies. Before the wedding, the groom will visit the house of the bride to bring her to the place where the wedding will be held. All of the many people involved in the wedding then proceed in their cars to the wedding. Typically, they will drive leisurely and will honk at pedestrians to cheer for the couple. Once the procession reaches the place of the wedding, which will usually be an Orthodox church, the priest will lead the people into the main auditorium for the ceremony. The ceremony itself, which is comprised of the priest blessing the couple, reading from the Bible, and singing, could take up to three hours. After the ceremony, the couple drinks from the same glass of wine and eat the same piece of bread to symbolize unity. After the couple is unified, they proceed to visit the numerous pictures of Jesus and the saints and kiss them. Once the entire ceremony is over, the bride and groom normally take their guests to a restaurant of some sort to have refreshments and entertainment. Some weddings go as far as buying fireworks and lighting them after midnight symbolizing the first day of being married. This time of refreshing and entertainment could last between a weekend and a whole week. The final tradition that is most prominent in Romanian culture is funerals. When someone passes away, the family will wait three days before washing and

Sociological Imagination, By C. Wright Mills Essay

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We learn how he view other things such as marriage, war, and the limitations of men. His view of war is that both sides playRead MoreSociological Imagination By C. Wright Mills942 Words   |  4 PagesSociological imagination according to C. Wright Mills (1959) â€Å"enables its possessor to understand the larger historical scene in terms of its meaning for the inner life and the external career of a variety of individuals† (p.5) Mills in this book of The Sociological Imagination explains how society shapes the people. Mills wants people to be able to use sociological imagination to see things in a sociology point of view, so they can know the difference between personal troubles versus personal issuesRead MoreThe Sociological Imagination, By C. Wright Mills799 Words   |  4 Pages The sociological imagination, a concept used by C. Wright Mills, is essentially the ability to perceive a situation or act in a much larger social context as well as examining the situation or act from many perspectives. In particular, it plays a paramount role in Donna Gaine s Teenage Wasteland. It is a tragic story of 4 teens who together, committed suicide. The teens were deemed as â€Å"dropouts, druggies† [Teenage Wasteland 8.2] by newspapers and were still treated with disdain even after theirRead MoreThe Sociological Imagination : C. Wright Mills1822 Words   |  8 PagesC. Wright Mills defines the sociological imagination as, â€Å"what they need, and what they feel they need, is a quality of mind that will help them to use information and to develop reason in order to achieve lucid summations of what is going on in the world and of what may be happening within themselves†. Mills also says that the sociological imagination enables us to grasp history and biography and the relations between the two within society. When I read Chapter One: The Promise from C. WrightRead MoreThe Sociological Imagination, By C. Wright Mills1692 Words   |  7 Pagesentire life, can be determined by examining his or her intellect, high school performance, and talents. However, C. Wright Mills proposes a new approach to this idea in his work, â€Å"The Promise.† Mills presents an idea known as the sociological imagination, which examines society on a larger scale to better grasp an individual’s life circumstances (Mills 2). The sociological imagination examines the role of social forces on the lives of individuals (Butler-Sweet, September 5, 2017). For example,Read MoreThe Sociological Imagination, C. Wright Mills1268 Words   |  6 PagesIn the novel, The Sociological Imagination, C. Wright Mills is trying to present the concept of how an individual’s ability is able to develop reason by using the information surrounding him. Mills explains that the sociological imagination is an important concept because it is what differentiate sociology from other social sciences such as political science or economic. It is the concept that will help people to have a better understanding of our world, to be clear of the connections within societyRead MoreSociological Imagination, By C. Wright Mills1762 Words   |  8 Pages 10/11/2017 ID 100602667 Soc. 1 FY40 Sociological Imagination The Sociological Imagination, by C. Wright Mills, was a statement that questioned the developing field of sociology, challenging sociologists and the public to take seriously the rise of elites and the decline of American democracy, American community, and American equality. Mills argues that the sociological imagination is a quality of mind necessary to the understanding of the human condition

Health Sciences Statistical Estimation Reveals

Question: Discuss about the Health Sciences of Statistical Estimation Reveals. Answer: Introduction: Alcohol is the second largest contributor to drug based addiction after tobacco in Australia. It causes effects in both short and as well as in the long term. This issue is significant and needs to be addressed because "alcohol-related harm" is vital cause of morbidity and mortality in Australia. In between 2004 to 2005 the annual cost of the alcohol-related Australian community, social problems was estimated at $15.3 billion. The harms that can be brought about by consumption of alcohol are accidents, physical harms, injuries and detrimental effects on an individuals body (Moodie et al., 2013). The cause of the rate of elevation of this addiction is due to certain advertisements. These promotional advertisements are related to alcohol should be abolished as it is increasing the children's interest in the drug. Statistical estimation reveals that one out of three young individuals with the age between twelve to sixteen are engaged in binge drinking and a similar fraction of the young individuals aged sixteen to twenty one were engaged in hazardous drinking. There are several determinants that contribute to the alcohol abuse in the youth of Australia. The most significant determinants of alcohol are the social and the economic factors (Moodie et al., 2013). Implications of the interest group: According to Toumbourou et al. (2014), the data recorded through survey twenty percentages of the young ones above the age of twenty five have developed the habit of hazardous drinking. This problem has lead to the death of three thousand young individuals, and sixty five thousand were hospitalized every year. According to various statistics, the teenagers between the age of twelve to sixteen in Australia have developed this addiction and the young ones between the age of sixteen to twenty are engaged in hazardous drinking. For example, the advertisement policies developed by the Australian Communication and Media Authority (Hildebrand et al., 2013). Alcohol consumption is related to a wide variety of physical, mental and also social harms.The related health impacts of alcohol are quite severe. Some of the affects are a cardiovascular disease such as high blood pressure, shortness of breath, cardiac failure, etc., alcohol being carcinogenic can cause liver, colorectum, pharynx, larynx, etc. cancer. Moreover, consumption of alcohol may lead to diabetes, liver diseases such as cirrhosis, mental problems ch as depression, anxiety, etc. and also causes negative structural and metabolic changes in the brain (Toumbourou et al., 2014).In terms of the economic impacts of the alcohol consumption, the teenagers or young individual's addiction might lead to a shortage of money due to high expenditure on the related drug. These also elevate the medical and legal expenses. As stated by Chan et al. (2016), Social impacts of alcohol involve violence, crime, aggression, emotional disturbance, etc. Teenagers generally remain emotionally disturbed after alcohol consumption due to unacceptable social circumstances and no support from the family and peers.He risks factor associated with alcohol consumption is the result of a broad range of health, social, economic harms. The risk factors of alcohol consumption involve road accidents, domestic violence, public violence, crime, brain damage, liver disease, wider social dysfunction and family breakdown (Lam et al., 2015). Key message: The Australian National Alcohol Campaign was designed with a key tagline Dont turn a night out into a nightmare. This campaign was structured in order to restrict the alcohol sponsorship of sport-related organization and prohibition of the alcohol linked advertisement during any sports events. Moreover, the campaign also aimed to promote teenagers and young individuals to give a thought of their choices about consumption of alcohol, and especially the probable negative consequences of unwarranted alcohol consumption. As discussed by Howard, et al. (2014), disproportionate drinking can direct to severe alcohol linked harm. The consequences of drinking may include health tribulations, violence, injury and social problems. The social problems involve the breakdown of relationships. The specific, campaign messages include: Sports organizations - The sport has been regarded to be one of the primary, modes of the advertising of alcohol and drinking to the wide-ranging population.Alcohol good sponsorship of sporting organizations, events, and teams can be looked from an ethical outlook.The involvement of alcohol goods with sports and sportsperson can have an effect on the community perceptions and individual actions.Policies that give access to the promotion of the alcohol brand such as "Loi Evin, it should be limited to messages and images which refer to the features of the product, for example, strength, origin, composition, etc. Moreover, the channels of promotion should be limited.Adoption of policies of the organizations such as "Australian Chronic Disease Prevention Alliance,"Alcohol Policy Coalition," etc. by the Australian sports industry can promote health.Teenagers aged 15-17 years and young adults aged 18-25 years -Avoiding drinking to intoxication can have a range of social and health benefits (Rowland et al. (2014) . Target audience: The primary target audience According to Livingston (2014), the Australian government bodies use a series of actions to reduce alcohol-related damage in the society, involving taxation, putting restrictions on the epoch and location from where alcohol could be purchased, amendable promotion and marketing, imparting education and knowledge, and supporting medical treatment programs. The secondary target audience The sportsperson and the alcohol industry are the two entities that have the power to revolutionize and bring changes. The sportsman can reject the alcohol related advertisement and promote the policies and marketing of consequences of consumption of alcohol. The alcohol business also supports a variety of harm reduction initiatives. The community-level institutions or organizations play a significant part in delivering community awareness campaigns, and researchers learn harm minimization strategies. Some of the approaches taken by the community-based organizations are "liquor accords," dry zones," etc. to reduce the marketing of alcohol (Hildebrand et al. 2013).The message is targeted mainly for the stakeholders such as the policy makers, practitioners, etc. who can be about changes or modifications in the policies to reduce the alcohol consumption risk in the teenagers and the young adults of Australia. Methods of Communication: The mode of communication of the campaign would be television to have a broader effect on the government and other administrative bodies. Generally, television is an excellent medium for giving short, straightforward messages, evoking poignant reactions. Radio shares similar advantages like television and it is less expensive. This allows larger repetition of the communications. The print media are less capable to command concentration than the broadcast media, but this can be used to reach barely defined target crowd, particularly policy-makers and society opinion leaders. The Internet is becoming one more consequential medium for community service campaigns, in particular for teenagers and the youth (Jones Gordon, 2013).The method of communication to the government would be firstly through television. Once the message is being recognized by the government, the implementations or recommendations for the policy changes could be done through formal report addressed to the government. Even the mode of communication to the policy makers and sports organizations would be a formal report where request for changes such as excise taxes," Citizen action to decrease marketable and social accessibility of alcohol and minimum legal drinking age of twenty one would be recommended (Rowland et al. (2014). As discussed by Rowland et al. (2014), other strategies to each the youth would be conduct survey and through questionnaires the reason and rate of individual victimized could be counted, and information could be gathered to bring about further change in the present scenario of Australia. Moreover, youth leadership should be promoted. References: Chan, G. C., Kelly, A. B., Connor, J. P., Hall, W. D., Young, R. M., Williams, J. W. (2016). Does parental monitoring and disapproval explain variations in alcohol use among adolescents from different countries of birth?. Drug and alcohol review.Hildebrand, J., Maycock, B., Howat, P., Burns, S., Allsop, S., Dhaliwal, S., Lobo, R. (2013). Investigation of alcohol-related social norms among youth aged 1417 years in Perth, Western Australia: protocol for a respondent-driven sampling study. BMJ open, 3(10), e003870.Hildebrand, J., Maycock, B., Howat, P., Burns, S., Allsop, S., Dhaliwal, S., Lobo, R. (2013). Investigation of alcohol-related social norms among youth aged 1417 years in Perth, Western Australia: protocol for a respondent-driven sampling study. BMJ open, 3(10), e003870.Howard, S. J., Gordon, R., Jones, S. C. (2014). Australian alcohol policy 20012013 and implications for public health. BMC public health, 14(1), 1.Jones, S. C., Gordon, R. (2013). Regulation of alcohol adv ertising: policy options for Australia.Lam, T., Lenton, S. R., Burns, L., Aiken, A., Ogeil, R., Gilmore, W. T., ... Allsop, S. J. (2015). Alcohol policy impact on young risky drinkers and their support for proposed measures. Australian and New Zealand journal of public health, 39(2), 129-134.Livingston, M. (2014). Trends in nonà ¢Ã¢â€š ¬Ã‚ drinking among Australian adolescents.Addiction, 109(6), 922-929.Moodie, R., Stuckler, D., Monteiro, C., Sheron, N., Neal, B., Thamarangsi, T., ... Lancet NCD Action Group. (2013). Profits and pandemics: prevention of harmful effects of tobacco, alcohol, and ultra-processed food and drink industries. The Lancet, 381(9867), 670-679.Rowland, B., Toumbourou, J. W., Satyen, L., Tooley, G., Hall, J., Livingston, M., Williams, J. (2014). Associations between alcohol outlet densities and adolescent alcohol consumption: A study in Australian students. Addictive behaviors, 39(1), 282-288.Toumbourou, J. W., Evansà ¢Ã¢â€š ¬Ã‚ Whipp, T. J., Smith, R., Hemphill, S. A., Herrenkohl, T. I., Catalano, R. F. (2014). Adolescent predictors and environmental correlates of young adult alcohol use problems. Addiction,109(3), 417-424.

John Lennon by Andy Warhol Essay Example For Students

John Lennon by Andy Warhol Essay John Lennox by Andy Warhol John Lennox by Andy Warhol was created in 1985 (Christie. Com), shortly after the Vietnam War ended in 1975 (Kennedy Hickman John Lennox, who was an antiwar activist, was assassinated in 1981 (Wisped). Due to his pivotal role in the music industry, he was extremely influential. Andy Warhol executed his portrait of John as a tribute four years after Lemons death. As a medium, Warhol used synthetic polymer paint and silkscreen inks on canvas (Christie-corn). His painting measured 40 by 41 inches (Christie. Com). Andy Warhol is best known for is Pop Art style. He uses bright colors and repetitive shapes to illustrate his opinion. Warhol also painted portraits of modern celebrities of whom he was very fond. Three years before the Vietnam War ended, Lennox recorded a song called Imagine. This song touched many lives, including Whorls, making him an enormous fan of Lemons (Wisped). Lemons song was the primary influence of Andy Whorls portrait, making it one of the most notable paintings done of John Lennox. In Whorls portrait of Lennox, he uses value not only to depict his depressed mood, but also to shed some light on how inspiring Lemons elite was. Warhol draws attention by highlighting the left side of Lemons face. He brightens one side to symbolize the light one might encounter when going to heaven. In the song Lennox sings of living life in peace. Warhol wanted to depict how he now believes Lemons life is at peace. He also illuminates half of Lemons face to demonstrate the purity and kindness of Lemons soul, Lennox dreams of the brotherhood of man, which is ironic considering he was assassinated by a fellow human being with whom he wanted to *live as one This irony is interpreted through the shadowed, right side of Lemons face. Warhol was devastated by the death of John Lennox, as were millions of other people around the world. Warhol depicts his devastation through the dark rings around Lemons eyes and the darkness surrounding Lennox. Although most Of the portrait is dark, Warhol made it a point to illuminate Lennox so people would reminisce in his decency and venerate his life. Warhol also used a smooth texture when executing this painting because he wanted to soften Lemons face in order to illustrate his benevolence. Andy Warhol wanted everyone to remember John Lennox as a generous and kindhearted individual. In order to create the effect of goodwill he had to take Lemons facial features and make them less intense. Warhol also used a smooth texture when creating the hair. He uses a smooth texture throughout the painting to represent the innocence with in Lemons heart. Whorls use of texture is this painting is immensely significant because it portrays John Lemons compassionate heart and soothing manner. Imagine by John Lennox Imagine theres no heaven Its easy if you try No hell below us Above us only sky Imagine all the people living for today Imagine theres no countries It isnt hard to do Nothing to kill or die for And no religion too Imagine all the people living life in peace You, you may say Im a dreamer, but Im not the only one hope someday youll join us And the world will be as one Imagine no possessions wonder if you can No need tort greed or hunger A brotherhood of man Imagine all the people sharing all the world And the world will live as one (w. M. Lyricists. Com) The human imagination can, and has, created some Of the most horrible atrocities, but it has also conjured up some of the most beautiful hopes and dreams. In the first verse Lennox speaks Of people living for today. .u937d76025f115ab2ae9423158a03574e , .u937d76025f115ab2ae9423158a03574e .postImageUrl , .u937d76025f115ab2ae9423158a03574e .centered-text-area { min-height: 80px; position: relative; } .u937d76025f115ab2ae9423158a03574e , .u937d76025f115ab2ae9423158a03574e:hover , .u937d76025f115ab2ae9423158a03574e:visited , .u937d76025f115ab2ae9423158a03574e:active { border:0!important; } .u937d76025f115ab2ae9423158a03574e .clearfix:after { content: ""; display: table; clear: both; } .u937d76025f115ab2ae9423158a03574e { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u937d76025f115ab2ae9423158a03574e:active , .u937d76025f115ab2ae9423158a03574e:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u937d76025f115ab2ae9423158a03574e .centered-text-area { width: 100%; position: relative ; } .u937d76025f115ab2ae9423158a03574e .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u937d76025f115ab2ae9423158a03574e .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u937d76025f115ab2ae9423158a03574e .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u937d76025f115ab2ae9423158a03574e:hover .ctaButton { background-color: #34495E!important; } .u937d76025f115ab2ae9423158a03574e .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u937d76025f115ab2ae9423158a03574e .u937d76025f115ab2ae9423158a03574e-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u937d76025f115ab2ae9423158a03574e:after { content: ""; display: block; clear: both; } READ: The Contributions of Andy Warhol EssayMost Of the orals population believes in a higher power and, ultimately, some kind of life after death. Here Lennox asks us to forget about our cares and things to come, by living for the day. Lennox also refers to people living life in peace. The only way to do this, he believes, is to eliminate countries and religion. Nationalism and contradicting faiths are two of the prime culprits for why people arent living in harmony. If we could get rid of organized regions of land and organized religion, there would be no need for peaceful cohabitation of different groups of people because there wouldnt be different types of people. Everyone would be one. Another obstacle holding us back from equality and reconciliation is possessions. If we are somehow able to cut out our possessions and our greed, we could create a universal sense of brotherhood in humankind. With this hindrance out to the way, we are able to share the world as equals. Lastly, Lennox preaches of the world living as one, This demonstrates his thoughts about how everyone let go of their insignificant thoughts and decided to live life for today, live life in peace, and imagine no possessions the world could live as one. This song is an example of what can be as people, and what we can actually accomplish if we try Because, the song Imagine appealed to Andy Warhol so greatly and affected him so significantly, it motivated him to produce the portrait of Lennox in homage. John Lennox and Andy Warhol were both very considerably notable in Pop culture and they both influenced millions of lives in extremely positive ways. Although some would say Whorls Portrait of Lennox was simple, most would not. Whorls message is exceptionally imperative in the harmony and equality Of the human race along with Lemons song Imagine.

Whitman Essays (335 words) - Song Of Myself, Walt Whitman, Whitman

Whitman Whitmans Definition of Individuality During a lecture in 1907, William James said the philosophy which is so important in each of us is not a technical matter; it is our more or less dumb sense of what life honestly means. It is only partly got from books; it is our individual way of just seeing and feeling the total push and pressure of the cosmos (Bartlett 546) Individuality has been a prevalent theme in every type of literature for quite some time. Whether it is a character discovering his/her individuality or the author expressing his, literature is full of distinction. The term individuality has different meaning for each person. This is what makes the dynamic word so great. In many of the works read this session, individuality is a central concept. Walt Whitman expresses his own distinct view of life in Song of Myself. Whitman's radical ideas of individualism have a great deal to do with his Quaker background. The Quaker religion is one in which the authority is Inner Light. Whitman himself was not only personally familiar with, but deeply impressed by, a religion whose only authority was the Inner Light (Canoy 481). The Inner Light is a special influence, which made Whitman's poetry unique. This particular influence would guide Whitman on a path of soul searching, as well as help him define himself as an individual. In section fifteen of Song of Myself, Whitman describes people from every class and every profession. He writes, the young fellow drives the express-wagon...love him though I do not know him (2753). Here we see evidence of the open-minded attitude Whitman wishes people would take toward each other. Whitman demonstrates love for all thingswith or without prior knowledge of them. He goes on to say Ibreathe the air and leave plenty after me, and am not stuck up, and am in my place (2756). Whitman expresses contentment at having explored the world and found his place in it. English Essays